France’s Veolia Environnement announced it would release a proposal this week with the aim to end the long-standing battle with its main adversary, waste and water management company Suez, reports Reuters.
A conflict between the two firms has been constant since last October, when Veolia bought a 29.9% stake in Suez from Engie as the first step towards making a full takeover bid. Veolia soon followed up on the takeover bid, offering at the beginning of February an 11.3 billion euros ($13.7 billion) offer for the entire share capital of Suez
Later that month, Suez said its board has unanimously rejected Veolia’s industrial project and its takeover bid of 18 euros per share, stating that “A transaction that would involve SUEZ’s dismantling threatens the Group’s corporate interest.”
Veolia retaliated announcing it would hold a press conference later this week to announce a new proposal that would enable them to come out of the situation positively. Having previously announced that “Antoine Frérot, Chairman and Chief Executive Officer of Veolia, is willing to present his merger project to all directors of Suez to initiate a constructive dialogue with them.”
The answer to Veolia’s latest statement was immediately responded by Suez: “SUEZ reaffirms the need for a negotiated solution respecting its industrial project and calls on Veolia for restraint in its communication.”
“For several weeks now, SUEZ has proposed the opening of negotiations in order to find a solution that respects its industrial project as quickly as possible.”
